Article 7 Any units and individuals have the obligation to keep the information of material assets reorganization known to them confidential before the disclosure according to the law.

第七条任何单位和个人对所知悉的重大资产重组信息在依法披露前负有保密义务。

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Ironically, an agency created to compel disclosure of material information to investors has morphed into the single most formidable opponent to disclosure of that information to investors.

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In the United States, management and directors are liable only if they acted intentionally or with a degree of recklessness that approaches intentionality when either misstating or omitting material information for a disclosure other than in public offerings.

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This rule is designed to ensure that individual investors have equal access to information as large institutional investors, by prohibiting selective disclosure of material information.

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